Health insurance providers offer several plans these days. If you have heard about indemnity healthcare plans and are thinking about what they are, here, we will answer the question, “What is an indemnity health insurance plan?”
An indemnity health insurance plan is a form of coverage that is not only flexible but also provides the policyholder with autonomy in decisions relating to healthcare. You have the option of purchasing indemnity health insurance as an individual cover or as a family floater plan.
Unlike other policies, an indemnity health insurance plan allows the policyholder to select the hospital as well as the doctor of his/her choice. However, these plans require more out-of-pocket expenses on the part of the policyholder.
Importance of choosing indemnity health insurance
An indemnity health insurance plan offers several benefits.
Medical costs have gone up to 8-10% annually. Treatment options that require surgery cost around lakhs of rupees. If you have purchased an indemnity health insurance plan, then the same would be taken care of, and you will not be required to pay from your pocket, leaving aside the deductibles and expenses not covered under the policy.
These policies provide you with the option to choose the hospital of your choice. Moreover, they provide the benefit of a cashless facility, so you don’t have to pay hefty medical bills upfront.
The insurance provider will pay the entire medical bill on your behalf up to the sum insured. These types of policies not only cover pre- and post-hospitalisation charges but also other expenses related to surgery, ICU-related expenditures, daycare treatment, doctor’s fees, ambulance charges, and diagnostic tests. Indemnity health insurance plans also cover expenses related to the treatment of COVID-19 infections.
An indemnity health insurance plan is a low-cost plan. The majority of health insurance plans are offered with a deductible, which is the amount the policyholder must pay from his/her pocket. If you opt for a higher deductible, the premium of your health insurance plan is reduced. As you are ready to pay from your pocket, the insurer’s risk decreases, and you get an option to enjoy a low-cost indemnity health insurance plan.
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